Friday, November 7, 2008

Should have stayed out.


I threw all my rules out the window and traded like a true punk today losing $3,000 in the process. I was up $500 at two different times and still insisted on trading it away. The whipsaw late in the day wiped me out and I was done.

Unfortunately, I can't feel "good" about this loss since I made all the mistakes that I made last Friday--with the same results. I went for quick scalps while avoiding my bread and butter trades, I traded after I had lost 2R (ending up with a 4R loss), I followed the chatter on a stock chat room, and I didn't take profits when I had them.

So I turned an OK week into a crummy one. For the week I was down 1.67R. My frantic trading created nearly $400 in commissions.

I've got to get back on track and quit this stupidity.

1 comment:

Anonymous said...

Have you ever traded on a 4:1 margin available to day traders?